Many shops have already announced discounts of up to 50% in an effort to attract customers who, because of the capital restrictions and the uncertainty about the financing of the Greek economy, are spending almost only on the supply of food and fuels.

The Greek agreement proposals must be approved in the coming hours by both the creditors and the Greek Parliament in order for Greece to stay in the euro zone and the European Parliament. Follow our Live-blog with the latest news about the Greek crisis.

An analysis of recent developments in Greece by journalist Kostas Stoupas of capital.gr.

On Thursday night the Greek government submitted its new proposals to creditors, for the first time they do not provide for Greek debt haircut, express the will of Greece to stay in the euro zone and adopt the requirements for a 23% VAT rate on food.